The present invention arose out of a need for a device and method to enable the teaching of credit card debt management to consumers. Credit card debt is a significant portion of debt accumulated by individuals, many of whom allow credit card debt to surpass their ability to service that debt.
At present, there are various board games available that involve teaching debt and asset accumulation. However, many such games possess inherent disadvantages when compared to the present invention:
U.S. Pat. No. 6,106,300 to Kiyosaki et al. teaches a game for learning financial skills with investment goals and liability goals. The game has cards to determine effects of play. The game uses real-life situations, but is geared toward children. Generation of passive income in excess of expenses is the goal. Cash flow management is a requirement. The game uses everyday life expenses that one might incur. While liabilities are part of the game, the generation of passive income is the principal purpose, and credit card debt, and the reduction thereof, is not part of the play of the game. Furthermore, the game is geared toward children who, typically, do not have the debt management concerns of the average adult in real debt situations.
U.S. Pat. No. 6,032,957 to Kiyosaki et al. teaches a game, based on personal financial wealth accumulation. The game is geared to more high-end sophisticated players, involving franchises, business purchases, and the like. Each player also has a profession. There are two stages of play; moving to the second stage is based on passive income exceeding personal expenses. Although the Kiyosaki et al. '957 patent has geared the game toward adults, it requires a high level of financial sophistication to play, and is, again, geared to generation of passive income, instead of debt reduction.
U.S. Pat. No. 5,826,878 to Kiyosaki et al. teaches much the same game as the '957 patent and has the same limitations.
U.S. Pat. No. 5,788,235 to Thomas teaches a business related board game with the goal of purchasing businesses. Purchases can be made jointly between the players, or individually. The game is quite specific to business environment simulation, rather than debt, management. The goal of the game is wealth accumulation. As such, the Thomas '235 patent does not relate to credit card debt, but rather to the acquiring of businesses.
U.S. Pat. No. 5,407,207 to Stanford teaches a game that simulates lifetime events as one progresses through the different ages of life, wherein the game terminates at a predetermined age, and is essentially based on business acquisitions and job categories. Borrowing is an integral part of the game. The Stanford '207 patent is geared toward the purchasing and operation of a business, but offers no means to learn credit card debt management.
U.S. Pat. No. 5,071,135 to Campbell teaches financial management principles, mainly the buying and selling of stock, personal expense management and income from salary, wherein the game is based on a starting age. The game is played on calendar year quarters with the object to build the greatest net worth. Loans between players are permitted. Campbell '135 also deals with the handling of spectacular financial events such as floods and earthquakes, while building wealth through playing the lottery or other means. It does not enable the learning of credit management principles, however.
U.S. Pat. No. 4,955,616 to Ingalls teaches a game involving education, family, business, political and financial events of life. Achieving a predetermined balance determines the winner. The game involves savings account building. Although the game principles of Ingalls '616 focus on reaching an adequate asset level to go into retirement, it fails to offer an opportunity to learn credit card debt management.
U.S. Pat. No. 4,890,843 to Chauve teaches a game involving geographical locations, gambling, travel and sporting events. While this game has cards called “credit cards”, they are cards that are drawn by a player that involve various credit situations unrelated to typical credit card transactions.
U.S. Pat. No. 4,522,407 to Hatherley teaches financial board game with political scenarios that, collectively, simulate a free market economy. The attainment of loans is an important factor in the game. Hatherley '407 is geared toward corporate takeovers and political factors and does not enable learning of credit card debt management.
U.S. Pat. No. 4,440,397 to Butner teaches taxation principles and tax laws, not credit card debt management. The game ends after a specified period, with the winner being the one with the most money.
U.S. Pat. No. 4,053,157 to Cowan teaches a game to accumulate a minimum level of total assets and achieve zero liability balance, wherein some real life situations are a part of the game. However, the game of Cowan '157 does not utilize credit cards, nor does it enable the learning of management of credit card debt.
U.S. Pat. No. 3,807,739 to Henley teaches a game involving stock, real estate, loans and insurance, with the object to build equity. The game ends when a player declares bankruptcy. The end result of the game of Henley '739 being apposite the risks of not managing debt, demonstrates a need for a means for learning debt management skills, but does not facilitate the goal of learning to manage credit card debt.
While some or all of the above referenced patents may well be used for learning about debt and asset accumulation, they fail to adequately teach management of credit card debt and are overly complicated.
Therefore, it is readily apparent that there is a need for a credit card management board game that teaches players to make wise choices in managing their credit card debt.